Stock market quotes, forex, financial news, forex tools – money-investing.com

Brent is becoming cheaper: $ 49.5 per barrel

 Breaking News
  • The intensification of the conflict between the USA and China leads to reduction of oil prices The energy market has started the trading session rather unsuccessfully. The next round of the trade war between the States and China caused the price fall. Because of this investors...
  • Germany saves Lufthansa An air carrier Deutsche Lufthansa AG has suffered losses because of the spread of the coronavirus pandemic. It became known that the German government had not left the matter unattended...
  • Israel economy sets anti-records Israel is a recognized high-tech paradise, a stable and strong platform for business development. However, the economy of the country in the Middle East has failed to resist the consequences...
  • A car rental service Hertz went bankrupt Hertz, the largest US car rental company, has filed for bankruptcy. The company was founded already in 1918. For a hundred years, Hertz has coped with the Great Depression, the...
  • Monday starts with the growth of oil prices The energy market started today’s trading session with the steady growth. Quotes are increasing on the signals about the recovery in demand and a decrease in production in the States....

Brent is becoming cheaper: $ 49.5 per barrel

Brent is becoming cheaper: $ 49.5 per barrel
August 26
10:30 2016

On Friday oil has slightly fallen in price because of the doubts of market participants regarding the probability of effective actions on the stabilizing prices of the countries that produce raw materials.

The second half of Thursday was marked by the start of the oil market growth. As a result it has amounted to more than 1% after the official confirmation of Iran participation in the negotiations on September 26-28 in Algeria. Iran is the third largest producer of oil in OPEC.

Later, Minister of oil industry of Saudi Arabia Khalid Al-Falih informed Reuters that he did not consider the necessity to interfere in the actions of the market forces, noting that the market was already “moving in the right direction” by itself.

OPEC’s Secretary General Mohammed Barkindo noted that he saw the willingness of  the members of the cartel to reach a consensus, because they were suffering from the prices collapse.

On the London Stock Exchange the quotations of futures contracts for Brent crude oil have decreased by 0.2% – to $ 49.57 per barrel to the beginning of the day.

October futures for WTI crude oil have fallen by 2 cents – to $ 47.31 per barrel on electronic trading on the New York Mercantile Exchange.
Until now it was not clear whether Iran would participate in the negotiations or not. The country is rapidly increasing the production and export of oil after the removal of sanctions.

The August production of Iran has amounted to 3.8 million barrels per day compared to January – less than 3 million, but the further growth of production and export is in stasis. The Wall Street Journal thinks that there are some doubts that the country can quickly reach the level of more than 4 million barrels per day, which was announced as the target at the beginning of the year.

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment